All Forum Posts by: Charles Mitchell

@Ned Carey Very true, the idea is to add a room in the existing structure and not expand the sq footage. I guess I have to play around with sq footage and figure out average living room sq footage in my area and find something that can come close to that after having some of the space converted into another bedroom. 

Thanks for the advice and perspective! There's never a singular, definitive answer in this game! I love it!

@Ned Carey Thanks for the input. Makes sense. After all replacing new windows with new windows doesn't seem like a smart decision or even a way to add value. Would you agree that there are some adds that aren't dependent on tenant expectations? Something like adding another bedroom (a 2bed into a 3 not a 6 into a 7) or bathroom? I'm trying to find ways to add a buffer to my margins.

@Michael Ealy Wow! 1000 units that impressive. Thanks for the input! I've jotted those value-adds in my notes!

Hi BP!

So I'm in the process of looking for my first deal. Being that it's my first deal and things are bound to go south I'm looking to add as much value the property that I buy to create a bit of a cushion for my budget. What are the best value-adds that can be added on to a home? When I say "best" I'm referring to functionality and something that is much cheaper than the valued added to the ARV

Some value-add ideas I have now:

Add a bedroom

Add bathroom

Paved driveway (if gravel)

Laundry

Thanks for any and all input!

Is there going to be another meeting? Would love to connect!

What is your plan? BRRRR? Buy and hold? Flip? I'd suggest not sending in earnest money on deals you haven't seen the interior of, at least on facetime.

the numbers dont quite make sense. 2% for capex ? Vacancy? PM? how sure are you about the 10k repairs? 

This is a tough question to answer without knowing what strategy you're looking to utilize. We may e able to help a bit more if you narrow down what you're looking to do.

You're coming up negative because your rent doesn't cover the expenses. You would need to come up with the difference to pay each month out of your pocket.

After your refi you still need an additional 200 or so dollars to cover expenses, therefore, you are cash flowing negative.

Hi All!

So I've read @David Greene 's book on OOS investing and have been researching markets since I finished the book about 2 months ago. Local investing doesn't make sense number wise (NYC). While it's liberating to know the steps and processes for investing out of state, it raises its own problems. I now can't decide on a market as I have too many options (shouldn't be a bad thing, right?). I have identified a few cities that seem promising but can't seem to make a decision on which to really delve into.

So my question to all OOS investors: What metrics do you look at when you're trying to identify a solid market?

The metrics I've mainly been looking at are;

• Population growth-- Are people running into or out of town?
• Economic growth-- Are jobs coming to town, and are they there for good?
• Unemployment-- as long as it's not staggeringly high 
• Average home price
• Appreciation
• Median Income 
• Good public transportation-- depends on the city.

Quick background about myself: Looking for a BRRRR 50-200k. The plan is to acquire a solid portfolio of buy and holds.

Am I missing some key metrics to look at? Any and all help is greatly appreciated!